What is the primary role of a Joint Life insurance policy?

A Joint Life insurance policy is specifically designed to cover two or more individuals, typically married couples or partners, and is structured to pay a death benefit upon the first insured's death. This type of policy is beneficial for financial planning, as it provides a safety net for the surviving party, ensuring that they have financial support after the loss of the first insured.

The key aspect of a Joint Life policy is that the benefit is typically paid out at the first death, which can help cover funeral costs, outstanding debts, or loss of income. This is particularly useful in situations where one partner's income is integral to the financial stability of the couple or family.

Other options describe elements that are not applicable to the primary function of a Joint Life policy. For example, paying benefits after both insureds have died pertains to a different kind of arrangement, while income replacement focuses more on a living benefit arrangement rather than a life insurance policy. The mention of increased cash value over time typically relates to whole or universal life insurance policies, not specifically to the purpose of a Joint Life policy. The central role of a Joint Life insurance policy remains its provision of a death benefit upon the first insured's passing, making option C the correct choice.